Update on Odu’a group’s resurgence

Rilwan

1 month ago

Mr. Adewale Raji

Whatever may be their personal idiosyncrasies, political inclinations or attitudinal dispositions, the current crop of South West governors deserve commendation for the efforts and energies they have expended thus far in pursuing the cause of South West regional economic integration. It is under the purview of the current governors, for instance, that the Development Agenda of Western Nigeria (DAWN) was established to serve as the intellectual powerhouse to generate ideas and provide a forum of robust discourse to constantly renew and strengthen the cause of South West regional economic integration.

A momentous milestone was reached in this regard when, on assumption of office of Mr. Akinwunmi Ambode as Governor of Lagos State in 2015, the region’s Megacity state officially became a formal member of the Oodu’a Group of Companies in February, 2016, through the Ibile Holdings, the Lagos State Investment Company thus bringing the phenomenal asset base and economic potential of Lagos to bear on the fortunes of the Oodu’a conglomerate. Throughout 2017, the South West governors demonstrated their commitment to the economic integration of the region and one can say that the South West is showing the light for others to find the way in this regard. At various times in 2017, the South West governors held meetings to assess and deepen the process of South West integration in Ado-EKiti, Ekiti State, in February 2017; Abeokuta, Ogun State, in July, 2017; and a South West Economic Forum in Ibadan on November, 21, 2017.

The governors utilized each of these deliberative sessions to elaborate on their plans for a collaborative developmental enterprise in diverse areas including education, agriculture, security, transport, infrastructure, trade, commerce and sports. Some of the far reaching goals and objectives the governors set for themselves include harnessing the competitive advantage of constituent states for sustainable regional development; the establishment of a Western Nigeria Export Development Initiative (WENEDI) to drive the region’s export potentials; the codification of Yoruba values and ethos to strengthen Yoruba identity and unity of purpose; building a multi-modal transportation system, including highways, water and air, energy and power and the adoption of the South West Regional Integrated Commercial and Agricultural Development Programme (RICARD) with Lagos earmarked to be at the vanguard of a structured regional food exchange programme.

It is not surprising that in their determined pursuit of regional economic integration and cooperation in the South West, the region’s governors have opted to utilize the Oodu’a Group of companies, a massive investment outfit that traces its roots to Chief Obafemi Awolowo’s visionary Action Group (AG) Western Region Government in the First Republic, as its Special Purpose Vehicle (SPV) in this regard. Although the conglomerate had been largely moribund before the assumption of office of the current Mr. Adewale Raji-led management team in 2014, its resurgence and growing financial vibrancy must have encouraged the governors to place their confidence in it for the realization of their regional economic integration objectives.

For instance, the Group’s audited accounts revealed that its Profit Before Tax grew from N378 million to N597 million in 2015 thus making it possible to pay the sums of N167 million and N194 million respectively as dividends to its shareholders for the 2014 and 2015 financial years. It is instructive that no such dividends had been paid in the preceding six years. Impressed by the performance of the conglomerate under its new management, the owner State governors, after a meeting in Ibadan on January 19, 2016, resolved to help raise the company’s revenue base from N4 billion to N20 billion in 2019. They also resolved to re-position Oodu’a Investment Company as the engine room for the economic growth of the South West.

Even more importantly, the governors resolved to allow the conglomerate to run as a purely commercial and professional outfit without the political interference and partisan interventions that had impeded its progress over the years. Given a free hand to operate professionally, the Adewale Raji-led management team has also corrected critical organizational lapses that had helped erode the efficacy and profitability of the Oodu’a Group over the years. For instance, in his anniversary lecture to commemorate the 40th anniversary of the Oodu’a Group in December, 2016, Professor Wale Omole (OFR) had noted that “It is disturbing that a Board of a conglomerate will have neither the Statutory Audit Committee, nor Finance and General Purposes Committee. This is a clear violation of the Companies and Allied Matters Act 1990 (CAMA). How are domestic reports dealt with? Where is the heart of the business? Where are strategies formulated, evaluated, tested and refined?”.

With these gaping loopholes plugged by the Adewale Raji-led management team with the staunch support of the Board Chairman, Engineer Olusola Akinwumi, and other board members as well as owner state governors, it is not surprising that the Oodu’a Group continues to consolidate on the recovery and gains of the last four years. Thus, the company announced a profit before tax of N789 million from a turnover of N1.89 billion for the financial year ended 31st December, 2016. As a result of this performance, the Group declared and paid out a gross dividend of N277 million to its shareholders, which represents a 43% increase over the N194 million paid for the 2015 financial year.

Despite the effects of the recession from which the economy is only gradually emerging, Oodu’a Group’s revenue in 2016 grew by 11.3% while profit increased by 32% in comparison with the 2015 financial year. Even though much of this year will be given to electioneering campaigns towards next year’s elections, it is important that the South West governors do not relent or allow themselves to be distracted from their laudable efforts towards regional economic integration particularly through DAWN and the resurgent Oodu’a Group.

Icon of change

All too often, most of us look to those in key leadership positions especially at the political level to initiate and embody the change we desire to see in our society. Thus, we tend to believe that the positive change we crave for can only begin and end with President Muhammadu Buhari, state governors, national and state legislators or other leaders who hold prominent positions of influence. Yet, there are others who believe that change can actually begin with their personal examples in the little corners in which they find themselves. This was probably what the Minister of Information and Culture, Alhaji Lai Mohamed meant when he launched his ‘change begins with me’ campaign early in the life of this administration.

One of such self-motivated, highly influential change agents in their professional spheres is Dr. Benjamin, Oluwatosin, Olowojebutu, a dynamic, 36-year old medical doctor and surgeon who graduated from the College of Medicine, University of Lagos, in 2006. An alumnus of the 2017 Leadership in International Health Management, University of Washington, USA, Dr. Olowojebutu was on the 1999 Merit List for academic excellence of the University of Lagos and the best biology student in Lagos State JETS competition in 1997 in addition to several other professional and academic awards.

Olowojebutu

After stints at various private hospitals across the country, this dynamic professional established the Liberty-Life Hospital, Ogudu, Lagos, in 2016 where he is Medical Director. If the acquisition of wealth was his primary preoccupation, Dr Olowojebutu would have absolutely no problems given his consummate skills. However, this is a medical doctor with a difference. He is motivated by compassionate and altruistic considerations. Thus, in 2016, Liberty Life Hospital conducted 865 free medical screening and surgeries for indigent persons. In September 2017, his hospital undertook 85 free surgeries for hernia, hydrocele, breast lumps and Lipoma. And between October and December, 2017, he carried out free fibroid surgeries on 57 indigent women.

For 2018, Dr. Olowojebutu and his team are scheduled to carry out free surgeries for hernia, hydrocele, breast lump, Lipoma, Keloids and fibroids from April 9th – 27th; August 6th – 24th and December 3rd-21st. More than 70 indigent persons have already registered for the first set of free surgeries in April. Surely, this patriotic and selfless icon of change deserves the moral and financial support of Nigerians.